Kannapolis chooses downtown developer

The Kannapolis City Council on Monday chose Lansing Melbourne Group to develop a mixed-use district that is part of the city’s efforts to revitalize its downtown.

The company has proposed investing $60 million in what is being called the “Demonstration Project” on 4 acres between Main Street and West Avenue.

“This is a once in a lifetime project. We like working with government and we believe we can make a difference and create a special place with this project in Kannapolis,” said the Florida-based company’s principal, Peter Flotz.

The city’s staff will now negotiate with the company on a master development agreement that will establish more details regarding the design, finance, construction, ownership and operations of the project. The agreement is expect to be completed by December.

The development is expected to include residential, retail, restaurants and a hotel. The city expects to spend $12.6 million on a parking garage.

Construction is anticipated to begin in the summer of 2017 and be completed in 2023. It is expected to generate $381,780 in city property taxes and $424,000 in county property taxes annually.

Last year, the city bought 50 acres of property and buildings downtown and developed a redevelopment plan with the help of the Development Finance Initiative at the UNC School of Government.